摘要
董事会治理机制、产品市场竞争是影响公司内外部治理的两个极其重要的因素,提升公司绩效是公司进行内外部治理的根本目的,因而研究董事会治理机制、产品市场竞争与公司绩效的关系有着重要的意义.本文选取了2017—2021年在上交所上市的A股国有公司相关数据,采用多元回归分析方法,对董事会治理机制、产品市场竞争与公司绩效之间的关系进行了分析,并采用二阶段回归分析法进行了内生性检验.结果显示:第一,随着董事会规模不断扩大,独立董事人数持续增加,公司效益会显著下降;第二,公司所在产品市场的竞争强度增大时,公司绩效会显著提升;第三,产品市场竞争对董事会治理与公司绩效的关系存在正向调节作用.
Board governance mechanism and product market competition are two extremely important factors affecting the internal and external governance of the company,and improving company performance is the fundamental purpose of internal and external governance of the company,thus it is of great significance to study the relationship between board governance mechanism,product market competition and company performance.This paper selects the relevant data of A-share state-owned companies listed on the SSE from 2017 to 2021,and uses multiple regression analysis to analyze the relationship between board governance mechanism,product market competition and company performance,and uses two-stage regression analysis to conduct endogeneity test.The results show that:first,as the size of the board of directors continues to expand and the number of independent directors continues to increase,the company’s effectiveness decreases significantly;second,the company’s performance increases significantly when the intensity of competition in the product market in which the company is located increases;and third,there is a positive moderating effect of the competition in the product market on the relationship between the board of directors’governance and the company’s performance.
作者
杨金海
汪尧珧
王肖
YANG Jinhai;WANG Yaoyao;WANG Xiao(School of Business,Hunan University of Technology,Zhuzhou,Hunan 412007,China)
出处
《内江师范学院学报》
CAS
2024年第2期112-120,共9页
Journal of Neijiang Normal University
基金
湖南省社会科学成果项目(XSP20YBC150)
湖南省社科基金项目(18YBA140)。
关键词
公司治理
公司绩效
董事会
产品市场竞争
corporate governance
corporate performance
board of directors
product market competition
